Do you actually know that, according to some studies, acquiring new customers can cost you at least five times more than retaining? With more providers and developers joining in, this industry has never been as competitive as it is today. In fact, Statista approximates it to have a market size of about $97.15bn and expects it to expand by a CAGR of 6.47% within the next few years.
And now that competition is increasing rapidly, what can you do as a provider to stand out? Or, is it even to launch into the business and still be successful? These are some of the questions that any business person would ask themselves, and in this article, we try to highlight some critical factors that can help you stand out.
The power of bonuses
Bonuses and promotions are not new to the casino industry. For many years now, providers have been offering bonuses as a strategy for enhancing the gameplay. Actually, an online gambling site with great rewards will often attract more players than one that does not have them. SmallBizGenius reports that about three-quarters of consumers are mostly attracted to companies that offer rewards. And if they get the rewards, up to 56% of them can remain loyal.
So, it shouldn’t surprise you at all to see operators integrate engaging bonuses to stand out. In fact, it is almost impossible to imagine a casino company that doesn’t offer bonuses and rewards. How can you retain customers if bonuses are not part of your retention strategy? These perks can encourage players to discover new games on your platform, learn new gaming skills, attract new players and so on.
However, it is not just about providing customer perks – employees also need to be motivated. Some studies show that motivated employees are 17% more productive than those who are not. Plus, they are more encouraged to come to work as highly engaged teams register 41% less absenteeism. So, as much as you want to have the largest share of customers, you cannot afford to turn a blind eye to those who help you provide outstanding experiences.
The power of personalization
We live in a time when data has become the new gold. Right now, if you don’t understand your customers well, you might soon be out of business. In fact, SuperOffice CRM claims that businesses that offer customer-centric experiences are 60% more profitable than those that don’t. Thankfully, using online platforms, we can now access critical customer data that allows us to understand them better and offer more personalized experiences.
Given that more than 81% of customers want personalized experiences, according to Forbes, it makes a lot of sense to see the casino industry moving in this direction. Providers are now paying critical attention to players’ gaming styles, preferences, etc., to tailor their products to their targeted audiences.
You can imagine how much time it can cost you to find a loved casino game, especially now that there are thousands upon thousands of variations available. This can sometimes be frustrating and may injure the player’s expectations and experience. But think of an experience where, after visiting a platform, you find recommendations that perfectly align with your tastes so that you don’t waste time finding a game that you’d love.
Who would not wish for such an encounter? Realizing the growing popularity of this preference, operators are now taking advantage of advanced technologies to ensure players can get exactly what they need without wasting a lot of time.
Does product variety play any role?
Playing the same game over and over can be really boring. You would want to spin some wheels in the morning, maybe, and switch to poker tables sometime later just to keep the gameplay fresh. And in most cases, you would want to find all these experiences on a single platform. Such shopping experiences offer great convenience, which, according to Anaplan, appeals to about 93% of customers.
The best part of diversifying products is that you can reach a variety of audiences. Remember, not all players will favor the same game type. Plus, players across different regions may vary in their preferences due to cultural differences. So, how do you ensure you accommodate such tastes, especially for companies targeting the global market? Product variety is the answer.
You probably have noticed casino companies now opening their doors to sports wagering and vice versa. This can be a great way to stand out because if most of your customers love to wager, they won’t need to go to another platform if they want some casino experiences. It is the same case if you offer casino games and a considerable number of players love to wager.
Clearly, it is becoming quite expensive to run an online casino successfully. And given that modern players are more discerning, the pressure is even more. But that does not leave us without hope, as there are several things you can do to stand out.
For instance, you can offer engaging bonuses or diversify products. Since more than 75% of customers are attracted to brands that offer bonuses, these features can really be a great way to stand out. Looking forward, the sector will become even more competitive, and so you will want to adopt such measures to ensure a long-lasting impact.
